CoinEX is a cryptocurrency exchange that was founded in 2017. It is based in Seychelles and claims to offer a variety of features, including spot trading, margin trading, and derivatives trading. However, there are a number of red flags that suggest that CoinEX is a scam broker.
Company Overview
CoinEX is not registered with any financial regulator. This means that there is no government agency that is overseeing its activities or protecting its users. Additionally, CoinEX does not have a clear ownership structure. This makes it difficult to know who is actually running the exchange and who is responsible for its actions.
Does CoinEX Have Any License?
No, this company does not have any license to operate as a financial services provider. This means that it is not subject to any regulations that are designed to protect investors.
Is CoinEX Regulated By Any Authority?
No, it is not regulated by any financial authority. This means that there is no government agency that is overseeing its activities or protecting its users.
Pros and Cons
Pros:
- CoinEX offers a wide variety of cryptocurrencies to trade.
- The trading fees are relatively low.
- The exchange has a user-friendly interface.
Cons:
- CoinEX is not regulated by any financial authority.
- The exchange has a history of customer complaints.
- The withdrawal fees are high.
How Does CoinEX Reach To Their Prey?
CoinEX targets its victims through a variety of channels, including:
- Social media: CoinEX creates fake social media profiles and posts misleading information about the exchange.
- Online ads: CoinEX runs online ads that promise high returns on investment.
- Spam emails: CoinEX sends spam emails to potential victims, claiming that they have won a prize or that they need to update their account information.
Technical Details
Minimum Deposit:
The minimum deposit amount for CoinEX is $5.
Trading Platform:
The trading platform of CoinEX is web-based and does not offer any advanced features.
Spread:
The spread on CoinEX is relatively high, which means that traders pay more when they buy cryptocurrencies and receive less when they sell them.
Leverages:
CoinEX offers leverage up to 100x, which means that traders can control a large position with a small amount of capital. However, leverage can also magnify losses, so it is important to use it with caution.
Packages and Products They Offer
They offer a variety of packages and products, including:
- Spot trading: This allows users to buy and sell cryptocurrencies at the current market price.
- Margin trading: This allows users to borrow money from CoinEX to trade cryptocurrencies.
- Derivatives trading: This allows users to trade contracts that predict the future price of cryptocurrencies.
Withdrawal and Deposit Method
CoinEX supports a variety of withdrawal and deposit methods, including:
- Cryptocurrency: Users can deposit and withdraw cryptocurrencies directly to their CoinEX account.
- Bank transfer: Users can deposit and withdraw fiat currencies through bank transfers.
- Third-party payment processors: Users can deposit and withdraw fiat currencies through third-party payment processors, such as PayPal and Skrill.
What Do Their Previous Traders Say?
There are a number of complaints about CoinEX from previous traders. These complaints include:
- The exchange is difficult to use.
- The customer support is poor.
- The exchange has frozen accounts and lost funds.
Summing Up- Why Should Not You Trust CoinEX
There are a number of reasons why you should not trust CoinEX. These reasons include:
- The exchange is not regulated by any financial authority.
- The exchange has a history of customer complaints.
- The exchange has frozen accounts and lost funds.
If Bad Things Happen, Where Can You Get The Quick Solution?
If you have lost money to CoinEX, you can contact a crypto recovery service for help. These services specialize in recovering lost cryptocurrency funds.
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Final Thoughts
CoinEX is a scam broker that should be avoided. There are a number of red flags that suggest that the exchange is not legitimate. If you are considering using CoinEX, I urge you to reconsider. There are many other, more reputable exchanges that you can use.
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